GATE CE 2021 Set 1 — Question 40
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Engineering Mathematics → Construction Management → Cost Estimation
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Question
Contractor X is developing his bidding strategy against Contractor Y. The ratio of Y**'s bid price to **X**'s cost for the previous bids in which Contractor **X has competed against Contractor Y is given in the Table
Based on the bidding behaviour of the Contractor Y, the probability of winning against Contractor Y at a mark up of for the next project is
| Ratio of **Y**'s bid price to **X**'s cost | Number of bids |
|---|---|
Correct answer
(B) more than 0\% but less than 50\%
Solution
Contractor X wins if their bid price is less than Contractor Y's bid price.
Let be Contractor X's cost. At a mark up of , X's bid price .
X wins if .From the table, the ratios that are greater than are and .
Number of bids where X wins = (Number of bids with ratio ) + (Number of bids with ratio ) = .
Total number of previous bids = .Probability of winning = .
is more than but less than .
Let be Contractor X's cost. At a mark up of , X's bid price .
X wins if .From the table, the ratios that are greater than are and .
Number of bids where X wins = (Number of bids with ratio ) + (Number of bids with ratio ) = .
Total number of previous bids = .Probability of winning = .
is more than but less than .
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